SITE Centers Corp. (NYSE:SITC – Get Rating) – Equity research analysts at Jefferies Financial Group cut their second-quarter 2022 earnings-per-share estimates for SITE Centers stock in a report released Thursday, June 30. Jefferies Financial Group analyst L. Tsai now expects the company to earn $0.26 per share for the quarter, down from his previous forecast of $0.27. Jefferies Financial Group has a “Hold” rating and a price target of $13.00 on the stock. The consensus estimate for SITE Centers’ current annual earnings is $1.14 per share. Jefferies Financial Group also released estimates for SITE Centers Q3 2022 earnings at $0.27 EPS, Q4 2022 earnings at $0.28 EPS, Q2 2023 earnings at $0.28 EPS, earnings in Q3 2023 at $0.27 EPS and earnings in Q2 2024 at $0.28 EPS. SITE Centers (NYSE:SITC – Get Rating) last released its quarterly earnings data on Tuesday, April 26. The company reported EPS of $0.05 for the quarter, meeting analyst consensus estimates of $0.05. The company posted revenue of $131.10 million in the quarter, versus a consensus estimate of $126.07 million. The SITE centers had a return on equity of 6.61% and a net margin of 24.41%. The company’s revenue increased 9.3% year over year. During the same period of the previous year, the company achieved EPS of $0.28.
SITC has been the subject of several other research reports. Compass Point reduced its price target on SITE Centers from $17.00 to $15.00 and set a “neutral” rating for the company in a Wednesday, June 22 research note. KeyCorp cut its price target on SITE Centers from $19.00 to $17.00 and set an “overweight” rating for the company in a Tuesday, June 28 research note. StockNews.com began covering SITE Centers in a research note on Thursday, March 31. They issued a “hold” rating for the company. Wells Fargo & Company raised its price target on SITE Centers from $16.50 to $18.50 and gave the stock an “overweight” rating in a Thursday, April 7 research note. Finally, TheStreet upgraded SITE centers from a “b-” rating to a “c+” rating in a Monday, May 2 research note. Four research analysts gave the stock a hold rating and four gave the company a buy rating. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $16.86.
Shares of SITC opened at $13.64 on Monday. The company has a market capitalization of $2.92 billion, a P/E ratio of 27.84 and a beta of 1.53. The stock has a fifty-day moving average price of $14.67 and a 200-day moving average price of $15.35. The company has a debt ratio of 0.93, a current ratio of 0.35 and a quick ratio of 0.35. SITE Centers has a 12 month minimum of $12.40 and a 12 month maximum of $17.61.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 6. Shareholders of record on Thursday, June 9 will receive a dividend of $0.13. This represents a dividend of $0.52 on an annualized basis and a yield of 3.81%. The ex-dividend date is Wednesday, June 8. The distribution rate of SITE centers is 106.12%.
In other news from SITE Centers, CEO David R. Lukes sold 310,797 shares of the company in a trade dated Thursday, April 28. The shares were sold at an average price of $16.59, for a total value of $5,156,122.23. Following the completion of the sale, the CEO now directly owns 1,164,513 shares of the company, valued at approximately $19,319,270.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available via this hyperlink. 20.30% of the shares are currently held by company insiders.
A number of hedge funds and other institutional investors have recently shifted their SITC holdings. Anson Funds Management LP acquired a new stake in SITE Centers in Q1 worth approximately $75,000. Lazard Asset Management LLC acquired a new stake in SITE Centers in Q1 worth approximately $76,000. Acadian Asset Management LLC acquired a new stake in SITE Centers during the fourth quarter valued at approximately $91,000. KBC Group NV acquired a new stake in SITE Centers during the first quarter for a value of approximately $126,000. Finally, First Manhattan Co. purchased a new stake in SITE Centers during the first quarter at a value of approximately $155,000. 88.34% of the shares are held by institutional investors.
About SITE Centers (Get a rating)
SITE Centers owns and operates outdoor shopping malls that provide a highly appealing shopping experience and array of merchandise to business partners and consumers. The Company is a self-administered, self-managed REIT operating as a fully integrated real estate company, and is listed on the New York Stock Exchange under the symbol SITC.
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